A reservation to purchase a time share must:
- 1. Be on a form approved by the Division;
- 2. Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contract of sale with the full refund of any deposit;
- 3. Provide for the placement of any deposit in escrow until a permit is issued by the Administrator pursuant to NRS 119A.320;
- 4. Guarantee the purchase price for the time share for a certain period after the issuance of the permit to sell time shares; and
- 5. Require that any interest earned on the deposit for the reservation be paid to the prospective purchaser.
(Added to NRS by 1983, 979; A 2013, 1585)